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Irving H Picard, SIPA trustee for the liquidation of Bernard L Madoff Investment Securities, is currently distributing approximately USD506.2m on a pro rata basis to BLMIS account holders with allowed claims.
This third interim distribution brings the amount distributed to eligible claimants to USD5.44bn, which includes approximately USD807.2m in committed advances from the Securities Investor Protection Corporation (SIPC).
When combined with the funds previously returned to BLMIS customers, the distribution fully satisfies more than 50 per cent of the total current accounts with allowed claims.
In the third distribution, allowed claim holders will receive approximately 4.721 per
ACAS CLO 2013-1, an affiliate of American Capital, has closed on the sale of USD414m of collateralised loan obligation bonds. The transaction was arranged by Deutsche Bank Securities.
The CLO is externally managed by American Capital Leveraged Finance Management, a subsidiary of American Capital Asset Management, a wholly-owned portfolio company of American Capital, for an annual management fee of 50 basis points of total assets.
The CLO has primarily invested the proceeds of the bonds in broadly syndicated senior secured loans purchased in the primary and secondary markets.
"We are pleased that we materially improved pricing on the financing
March 2013 was the third consecutive month in which total volume in futures on the CBOE Volatility Index (VIX) and total exchange-wide trading reached new all-time highs.
A record 3,220,977 VIX futures contracts traded during March, exceeding the 3,062,344 contracts traded in February, the previous record, by five per cent.
February and March are the first two months in CFE history to register more than three million VIX futures contracts traded. When compared to the 1,963,893 contracts traded a year ago, March’s volume rose by 64 per cent.
Monthly average daily volume (ADV) in VIX futures during
The Securities and Exchange Commission has charged Michael Steinberg, a portfolio manager at New York-based hedge fund advisory firm Sigma Capital Management, with trading on inside information ahead of quarterly earnings announcements by Dell and Nvidia Corporation.
The SEC alleges that Steinberg’s illegal conduct enabled hedge funds managed by Sigma Capital and its affiliate SAC Capital Advisors to generate more than USD6m in profits and avoided losses.
Steinberg received illegal tips from Jon Horvath, an analyst who reported to him at Sigma Capital. Horvath was charged last year among several hedge fund managers and analysts as part of
The Commodity Futures Trading Commission (CFTC) has approved final regulations governing dual and multiple associations of associated persons (APs) of swap dealers (SDs), major swap participants (MSPs) and other Commission registrants.
The regulations make clear that each SD, MSP and other CFTC registrant with whom an AP is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other Commission registrant.
The CFTC voted five to nil via seriatim to approve the final regulations, which will
Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector, and Genstar Capital, a middle market private equity firm based in San Francisco, are to acquire Genworth Wealth Management from Genworth Financial for USD412.5m.
The sale by Genworth includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (GFWM), an investment management and consulting platform, and Altegris, a provider of premier alternative investments.
GFWM primarily provides a growing universe of independent financial advisors with comprehensive support across every phase of their practice, helping them to meet clients’ wealth management and investment needs.
Natixis Global Asset Management has launched the Aurora Horizons Fund, a multi-strategy mutual fund dynamically allocated across multiple hedge fund managers.
The fund may help investors achieve additional risk diversification within a traditional long-only portfolio of stocks and bonds by providing diversified exposure to alternative strategies.
The fund is managed by Aurora Investment Management, which has specialised in multi-manager portfolios of hedge funds since 1988.
"We are pleased to offer the Aurora Horizons Fund, which gives investors access to investment talent not previously available to them in a mutual fund format," says David Giunta (pictured), president and chief
The Bermuda Monetary Authority is advancing preparations to sign a cooperation agreement with Europe under the Alternative Investment Fund Managers Directive (AIFMD).
The AIFMD is due to be implemented across Europe by 22 July 2013. The Authority has been in discussions with the European Securities and Markets Authority (ESMA), and is aiming to sign the co-operation agreement required for third country regulators under the Directive before the July deadline.
“Bermuda’s existing regulatory framework for investment funds already provides the foundation to support the level of cooperation ESMA is seeking,” says Jeremy Cox, chief executive of the Authority. “Therefore, we
A Greece-focused hedge fund managed by Dromeus Capital Group, which has delivered investors over 50 per cent returns in its first six months, says it has turned cautious on Greek investments raising its cash balances for the first time since its inception.
Achilles Risvas, managing partner at Dromeus Capital, says: “Greek asset prices have been through a tremendous rally over the last three quarters but future prospects increasingly depend on budget execution and output recovery and we have doubts on both.”
Dromeus Capital says that markets have been too ready to celebrate the progress on the fiscal front, taking
Preqin’s latest Hedge Fund Spotlight reveals that hedge funds focusing on the Asia Pacific region posted significant returns in January and February 2013 of 3.97 per cent and 2.18 per cent in each month respectively.
This is in comparison to North American and European hedge funds, which posted only 0.61 per cent and 1.24 per cent in February respectively.
Asia Pacific hedge funds outperformed other regions over the last 12 months, returning 10.71 per cent compared to 9.37 per cent for North America-focused hedge funds and 6.88 per cent for Europe-focused hedge funds.
Performance for hedge funds across
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